gba trading at a 43% discount to mmr, page-13

I don't know. I sent an email to the company and have not received a reply yet. Our holding has moved from 9% to 3 odd % in BPH if the top 20 listed on BPH announcements is right. I asked why a substantial holder notice was not lodged (i.e. move from greater than 5% to less than 5%).

I also asked (like other investment companies) whether it is possible to provide a schedule of assets with the financial reports.

I don't know what they will do with the cash. We know BPH had $13m odd in Dec and got another $1m odd from the second tranche of the issue. This is the $14m they needed, but once this goes to MMR they will be cash poor unless the options get up or they capital raise.

However, the only way for MMR to get more BPH is to exercise its options (as it is a PDF). To do this MMR needs cash. We know MMR sold its CTP subsequent to December end and the only other way (except placement etc) to get cash would be the exercise of options. Maybe GBA will oblige.

If BPHO are not in the money MMR may still exercise, increase its % ownership in BPH in May for drilling in August. Provides BPH with extra cash, minimal dilution of BPH and Breeze interest, Breeze interest in project increases through MMR and GBA. Breeze can do very well on successful drill due to bucket loads of options in GBA and the significant shareholding he and associated entities hold.

We are just bit players, as we will be blown in the direction of the breeze. All this is speculation as I really do not have a clue.

Cheers